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Property Tax

Property taxes are assessed and collected by the local governments. County assessors of property appraise real estate for assessment purposes. In addition, they assess tangible personal property used or held for use in a business. The county commission and city governing bodies determine local property tax rates. The property taxes are collected by county trustees and city collecting officials.

The State Board of Equalization establishes policies and procedures for local assessors of property and hears property appeals beyond the county level. The Division of Property Assessments, a division of the Comptroller of the Treasury, monitors the work of assessors to ensure proper procedures are followed, provide technical assistance during re-appraisal programs, and provide manuals and educational programs for use by assessors.

To calculate your property tax, multiply the appraised value by the assessment ratio for the property's classification; then multiply this sum times the tax rate.

The assessment ratio for the different classes of property is established by state law (residential and farm at 25 percent of appraised value, commercial/industrial at 40 percent of appraised value).

For more information, contact your local assessor of property or visit the Division of Property Assessments.